The Central Bank of Nigeria (CBN) has announced sweeping new guidelines for Point-of-Sale (POS) operators across the country, setting a daily transaction limit of ₦1.2 million per agent.
According to the circular released by the apex bank, the new directive aims to curb fraud, enhance accountability, and improve transparency in Nigeria’s fast-growing fintech and agent banking space.
The CBN also mandated all banks, mobile money operators, and financial institutions to submit monthly reports detailing the activities of their POS agents nationwide. This move, officials say, will help the bank monitor transaction patterns and strengthen financial compliance systems.
The new rules form part of the Revised Agent Banking Guidelines, which seek to tighten regulatory oversight amid rising reports of fraud and unauthorized charges within the POS ecosystem.
While some operators have praised the move as a step toward sanitizing the industry, others fear it could restrict liquidity and limit business operations, especially in rural areas where POS terminals serve as the main access point for cash transactions.
The CBN has warned that failure to comply with these new directives may attract penalties or suspension of operating licenses.